A crypto trader is updating his outlook on one altcoin that is soaring this month as the broader digital assets market dips.
Pseudonymous trader Altcoin Sherpa tells his 196,300 X followers that the decentralized cross-chain liquidity protocol THORChain (RUNE) has more room to run after a bounce off of a key Fibonacci retracement level.
“RUNE: Adjusted Fibonacci to the top end; it bounced at the .382 [$1.38], but still just watching this one for now. Would like to grab an entry.”
Looking at his chart, the trader suggests RUNE could continue its run to the $1.71 level.
RUNE opened in August at $0.95 and is trading for $1.54 at time of writing, a more than 60% increase.
The trader is also closely watching the Telegram trading bot crypto project, Unibot (UNIBOT). He says the altcoin’s uptrend remains solid, but suggests it may start to dip as investors look for similar, but newer projects.
“UNIBOT: Awesome project/lots of cool features. This plus casinos are the main narratives right now and projects that actually pay revenue to the users are the ones to watch. Trend is still strong on this one, but would personally be a bit cautious. People probably going to ape into other trading bot projects because they’re ‘earlier.’”
Looking at his chart, the trader identifies $162 as a key level of support to the downside.
At time of writing, Unibot is trading for $185, down 9.1% in the last 24 hours.
The trader also believes that during the ongoing low market activity, the best trades are likely going to be those assets not on centralized exchanges (CEX).
“Going to be charting some low caps and dex (decentralized exchange) tokens…some of these are wildly popular. I personally think that all of the current opportunity is on-chain and not on a CEX. Volatility and trading volume are both extremely low. Don’t get chopped to shit.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Philipp Tur/Natalia Siiatovskaia